Drake Star Global Gaming Report Q2 2025

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SALE TO
Mobile / Online Gaming
Video Game / Content Streaming
SALE TO
AAA Game Developer
Power Rangers
Mobile / Console Games
Mobile Games Game Review and Advertising
SALE TO
* Transactions executed by current Drake Star Partners employees while employed at other firms 2
* * *
* * *
Partner
Los Angeles
mohit.pareek@drakestar.com
Linkedin – Free social media icons
Partner
Berlin
julian.riedlbauer@drakestar.com
Linkedin – Free social media icons
*
*
Managing Partner
Los Angeles
michael.metzger@drakestar.com
Linkedin – Free social media icons
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3
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page. Deal count includes announced and / or closed M&A, private placement, IPOs, SPACs, and public financing deals. Public Markets include IPOs, SPACs, and public financings .
Public Markets PP M&A
• Following the strong rebound of public gaming equities in the first half of 2025 , we expect a new wave of M&A activity
throughout the remainder of 2025 and 2026 , as gaming companies look to leverage their higher equity valuations for
inorganic growth . Additionally, IPO activity is likely to pick up, supported by the broader market recovery .
• Private equity participation in the gaming ecosystem is expected to remain very active, with some publicly traded gaming
companies potentially being taken private and PE firms taking growth equity positions in large private gaming companies .
• Key growth segments are expected to include AI and tech platforms . Later stage financings will likely continue to be
challenging .
• Public gaming stocks saw a strong rebound in the first half of 2025 , with the Drake Star Gaming Index rising 28 %,
significantly outperforming the S&P 500 ’s 5% gain . The strongest overall performers were Square Enix, Roblox, and
Konami . In Europe, leading stocks included CD Projekt RED, everplay group, and MTG, while in the US markets, Roblox,
Corsair, and Take -Two stood out as the top performers .
• Gaming M&A activity remained relatively stable in Q2’25 , with 46 announced deals . The largest transaction was
KRAFTON’s $516 M acquisition of ADK, a Japanese company specializing in advertising and animation with some mobile
game development . Other notable deals included Epic Games acquiring Loci, Apple purchasing RAC 7, and PlayVS
acquiring Generation Esports and PlayFly College Esports . PC and console gaming tied with blockchain gaming for the
most M&A deals after a notable increase in blockchain gaming deal activity this quarter .
• Q2’25 featured one of the largest and most successful exits for gaming VCs with CVC’s significant minority investment in
Dream Games . The deal, comprising both equity and debt, totaled ~$2.5B at a $5B valuation . Overall, the quarter
recorded 110 private placements with a combined disclosed deal value of $3B. Other notable financings included
Tencent’s $80 M investment in Arrowhead, Wolves Esports Club raising $28 M from Lvfa Group, AI startup Sett securing
$27 M, Turkish mobile studio Bigger Games completing a $25 M Series A, and Hybe IM raising $21 M.
• The most active investors over the past year included Play Ventures, BITKRAFT, and Makers Fund among larger funds,
while Goodwater, TIRTA, and 1AM Gaming were the leading seed -stage investors . On the strategic side, Krafton,
Tencent, and Samsung drove the most activity, while Animoca , Spartan, and Gam 3Girl Ventures were the most active
players in blockchain gaming .
• Take -Two Interactive announced a proposed $1B public stock offering, with an option to sell an additional $150 M, while
GameStop announced a debt raise of over $2B. Embracer plans to spin off Coffee Stain Group as an independent public
company by the end of the year and Discord is in late -stage discussions with banks for a potential IPO .
46
110
15
$0.6B
$3.0B
$3.5B

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Source: CapIQ as of June 30, 2025 Note: Drake Star Gaming index is not a fund. It an equal weighted index of 35 public gaming companies (listed on the table above). Dra ke Star Gaming Indices by region and platform are equally weighted indices using the relevant Drake Star Gaming Index constituents. The percentages provided in the legend are as of the end of Q2 2025.
Jan 25 Feb 25 Mar 25 Apr 25 May 25 Jun 25
-20%
0%
20%
40%
Drake Star Gaming Index, 28.2% S&P 500, 5.1%
Drake Star Gaming Index – Mobile, 22.5% Drake Star Gaming Index – Asia, 33.2%
Drake Star Gaming Index – Western, 21.4% Drake Star Gaming Index – PC/Console, 34.6%
Company YTD Stock
Return Company YTD Stock
Return
91.3% 26.9%
79.9% 26.5%
67.9% 22.8%
67.2% 22.4%
66.3% 20.6%
63.2% 18.7%
58.0% 9.0%
54.7% 8.6%
50.8% 7.5%
49.1% 7.4%
48.8% 6.0%
46.9% -7.2%
42.9% -9.8%
38.3% -16.0%
33.4% -17.6%
31.6% -30.7%
30.6% -33.0%
27.1% Gaming Index 28.2%

5
Company YTD Stock
Performance
91.3%
67.9%
66.3%
63.2%
54.7%
50.8%
49.1%
48.8%
38.3%
33.4%
Drake Star Gaming
Index – Asia 33.2%
Company YTD Stock
Performance
79.9%
67.2%
58.0%
46.9%
42.9%
31.6%
9.0%
8.6%
7.5%
7.4%
Drake Star Gaming
Index – Western 21.4%
Company YTD Stock
Performance
91.3%
67.9%
67.2%
66.3%
63.2%
58.0%
54.7%
49.1%
38.3%
33.4%
Drake Star Gaming
Index – PC/Console 34.6%
Company YTD Stock
Performance
79.9%
50.8%
48.8%
46.9%
30.6%
27.1%
26.9%
26.5%
22.8%
-7.2%
Drake Star Gaming
Index – Mobile 22.5%
Source: CapIQ as of June 30, 2025Note: Top 10 by region or platform out of the 35 companies in the Drake Star index based on 2025 YTD performance. Drake Star Gaming index is not a fund. It an equal weighted index of 35 public gaming companies (listed on the previous page). Drake Star Gaming Indices by region and platform are equal ly weighted indices using the relevant Drake Star Gaming Index constituents.

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M&A
Public
Markets
• GameStop announced the pricing of a private offering of $2.25B in convertible senior notes with the goal of using the funds for general
corporate purposes, including investments and acquisitions.
• Take -Two Interactive announced in May a proposed public offering of $1B of stock with a 30 -day option for the underwriters to purchase an
additional $150M of stock. The funds may be used for debt repayment and acquisitions.
• Embracer announced its plan to spin off Coffee Stain Group into a standalone entity and distribute the shares of the new company among
Embracer’s shareholders and Discord is in late -stage discussions with banks for a potential IPO. .
Fundraising
• Turkish mobile games developer Dream Games raised $2.5B through the sale of a minority stake to CVC and a debt financing led by Blackstone.
This deal marks one of the most lucrative exits for gaming VC firm Makers Fund, as well as Balderton Capital, Index Ventures and IVP.
• Tencent invested $80M for a 15.75% stake of Swedish game developer Arrowhead, known for the multiplayer shooter Helldivers 2. The deal
values the studio at over $500M.
• Wolves Esports Club, a subsidiary of Fosun Group, raised an investment of $28M from Lvfa Group. Part of the funds will be used in the
construction of a new arena for the team.
• AI startup Sett emerged from stealth after raising $27M through Series A and Seed rounds.
• Turkish mobile games studio Bigger Games raised $25M in a Series A round led by Goodwater Capital with Arcadia Gaming Partners, Index
Ventures, and Play Ventures participating as well.
• Game publisher and developer HYBE IM raised $21M from IMM Investment, Shinhan Venture Investment, and Daesung Private Equity.
• KRAFTON bought Japanese advertising and animation company ADK for $516M . The services offered by ADK include mobile game
development. The acquisition signals an effort by KRAFTON to expand beyond gaming into new forms of media, especially animati on.
• Epic Games acquired Loci , an AI company that has developed computer vision models for tagging 3D assets with the goal of integrating Loci’s
technology within Epic’s ecosystem.
• Sony acquired the remaining 51% of the joint venture it had established with Oriental Pearl in 2014 to distribute PlayStation hardware in China,
granting Sony full control of the entity.
• Apple bought RAC7 , the developer of the game Sneaky Sasquatch for Apple’s gaming subscription service Apple Arcade.
• PlayVS , an amateur esports platform, purchased Generation Esports , which helps integrate esports in schools, and PlayFly College Esports , a
collegiate esports league.
• Xsolla , which provides tools for game monetization, acquired Ludo , a no -code platform for enhancing player engagement and retention.
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page
Sony & Oriental Pearl JV

Hardware Others
Platform/Tools
Esports
Mobile PC / Console
Blockchain
7
Source: CapIQ, Pitchbook & DSP ResearchNote: Voodoo’s acquisition of BeReal is excluded from deal volume and deal value in Q224. Drake Star did not act as financial advisor on transactions listed on this page
9
5
6
2 6
9
9
20
12
14
44
33
44 48 53 57
39
49 46
(1 00 )
(8 0)
(6 0)
(4 0)
(2 0)
–
2 0
4 0
6 0
$0
$1
$2
$3
$4
$5
$6
$7
$8
Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225
Value ($B) Deal Count
Asia and Others Europe North America

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Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page
• PlayVS , an amateur esports platform, purchased
Generation Esports, which helps integrate esports in
schools, and PlayFly College Esports, a collegiate
esports league.
• The acquisition expands PlayVS’s esports
ecosystem, unifying thousands of K -12 schools and
hundreds of colleges under one platform.
• Epic Games acquired Loci, an AI company that has
developed computer vision models for tagging 3D
assets.
• Epic plans to integrate Loci’s computer vision
technology within its products to improve the
discoverability of 3D content across its ecosystem
and streamline workflows for artists.
• Sony acquired the remaining 51% of the joint venture
it had established with Oriental Pearl in 2014 to
distribute PlayStation hardware in China, granting
Sony full control of the entity.
• Through the joint venture with Oriental Pearl, Sony
had released the PlayStation 4 and PlayStation 5
systems in China.
• KRAFTON acquired Japanese advertising and
animation company ADK for $516M. The services
offered by ADK include mobile game development.
• The acquisition signals an effort by KRAFTON to
expand beyond gaming into new forms of media,
especially animation.
• Apple acquired RAC7, the developer of the game
Sneaky Sasquatch for Apple’s gaming subscription
service Apple Arcade.
• The acquisition marks Apple’s first ever acquisition
of a gaming studio. Apple sees the acquisition as an
opportunity to support the growth of Sneaky
Sasquatch on Apple Arcade.
Sony & Oriental
Pearl JV
• Xsolla , which provides tools for game monetization,
acquired Ludo, a no -code platform for enhancing
player engagement and retention.
• Xsolla plans to integrate Ludo’s player engagement
tools with its web shop and other products to help
developers improve retention, engagement, and
monetization.

Hardware Others Platform/Tools VR / AR Esports Mobile PC / Console Blockchain
$0.4B $0.0B
$2.6B
99
6 5
9
Late Mid Early
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page
23
24
24 1
8
2
26
2
$2.6B
$0.1B
202 189
170
192 187 181
153 150
110
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
$5.0
Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225
Value ($B) Deal Count

Mobile May -25 2,500 5,000 CVC, Blackstone
PC/Console Jun -25 80 508 Tencent
Esports Jun -25 28 — Lvfa Group
Platform/Tools May -25 27 — Bessemer Venture Partners, F2 Venture Capital
Mobile Jun -25 25 — Goodwater Capital, Arcadia Gaming Partners
Mobile Apr -25 21 — IMM Investment, HG Initiative
PC/Console May -25 14 — Bpifrance , Griffin Gaming Partners
Platform/Tools Apr -25 14 — Play Ventures, Kalaari Capital
Platform/Tools May -25 13 — Earlybird VC, Speedinvest
Blockchain Apr -25 12 — NOIA Capital
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page
10

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Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page
• AI startup Sett emerged from stealth after raising
$27M through Series A and Seed rounds from
investors, including Bessemer Venture Partners
and F2 Venture Capital.
• The company is developing an AI platform to
produce video content for UA campaigns.
• Turkish mobile games studio Bigger Games raised
$25M in a Series A round led by Goodwater
Capital with Arcadia Gaming Partners, Index
Ventures, and Play Ventures participating as well.
• The studio plans to use the funding to launch its
newest game Kitchen Masters in new markets,
such as the U.S., and make improvements to the
game itself.
• Tencent invested $80M for a 15.75% stake of
Swedish game developer Arrowhead, known for
the multiplayer shooter Helldivers 2. The deal
values the studio at over $500M.
• Arrowhead founder John Pilestedt believes that
Tencent’s investment opens up opportunities in
the Chinese market.
• Turkish mobile games developer Dream Games
raised $2.5B through the sale of a minority stake
to CVC and a debt financing led by Blackstone.
This deal marks one of the most lucrative exits for
gaming VC firm Makers Fund, as well as
Balderton Capital, Index Ventures and IVP.
• The deal values the company at almost $5B and
provides an exit for the company’s VC investors.
• Game publisher and developer HYBE IM raised
$21M from IMM Investment, Shinhan Venture
Investment, and Daesung Private Equity.
• The company seeks to use the new funding to
grow its presence in publishing and IP -based
games.
• Wolves Esports Club, a subsidiary of Fosun Group
and the esports division of the Wolverhampton
Wonderers football club, received an investment of
$28M from Lvfa Group.
• Part of the funds will be used in the construction of
a new arena that will serve as the team’s home
venue and is expected to open later this year.

VC DEALS SELECT INVESTMENTS LOCATION
6
6
5
5
4
4
4
4
4
3
12
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page. The league tables above do not include accelerator investments.
VC DEALS SELECT INVESTMENTS LOCATION
18
15
11
8
6
5
4
4
4
4

VC DEALS SELECT INVESTMENTS LOCATION
22
9
7
6
6
6
6
6
5
5
13
INVESTOR DEALS SELECT INVESTMENTS LOCATION
9
8
7
5
5
4
4
3
3
2
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page. The league tables above do not include accelerator investments.

14
COMPANY DISCLOSED DEAL
VALUE ($M) # OF DEALS SELECT DEALS
$3,535 3
$1,200 5
$1,950 1
$820 1
$800 1
$530 3
$450 2
— 4
— 2
— 2
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page. Deal value only includes publicly disc losed transaction values.
Games Division
Games Division

15
COMPANY NAME TICKER COUNTRY LTM PRICE MCAP EV REVENUE EBITDA EV/REVENUE EV/EBITDA PRICE/EARNINGS REVENUE GROWTH EBITDA GROWTH EBITDA / REV North America / Europe – Mobile Focused LTM LTM LTM NTM LTM NTM LTM NTM LTM NTM LTM NTM LTM Light & W onder LNW US 31-Mar -25 $96.26 $8,122.3 $11,941.3 $3,206.0 $1,068.0 3.7x 3.4x 10.9x 8.1x 25.7x 14.9x 7% 11% 7% 38% 33.3% Playtika PLTK IL 31-Mar -25 $4.73 $1,774.8 $3,764.2 $2,604.1 $606.7 1.4x 1.3x 6.0x 5.0x 12.6x 8.4x 2% 10% -6% 23% 23.3% Modern Times Group MTG B SE 31-Mar -25 $12.62 $1,415.8 $1,751.7 $709.8 $163.6 2.3x 1.4x 10.1x 5.9x NM 23.0x 19% 72% 10% 73% 23.0% Stillfront Group SF SE 31-Mar -25 $0.72 $348.6 $743.7 $698.2 $125.1 1.0x 1.1x 5.5x 3.2x NM 4.4x -7% -8% -6% 79% 17.9% Huuuge HUG US 31-Mar -25 $5.01 $281.0 $111.3 $246.2 $76.5 0.4x 0.5x 1.3x 1.4x 3.9x 5.5x -12% -11% -14% 5% 31.1% GDEV GDEV CY 31-Dec -24 $15.08 $273.4 $135.6 $420.9 $45.1 0.3x 0.3x 3.5x 3.1x 10.9x 7.8x -9% -6% 4% 4% 10.7% Ten Square Games TEN PL 31-Mar -25 $24.11 $153.0 $107.3 $98.9 $24.3 1.0x 1.1x 4.0x 4.0x 7.6x 7.7x -9% -4% 0% 4% 24.6% G5 Entertainment G5EN SE 31-Mar -25 $11.46 $89.2 $58.3 $109.3 $7.2 0.5x 0.5x 7.6x 2.7x 9.1x 10.0x -14% -5% -61% 182% 6.6% East Side Games EAGR CA 31-Mar -25 $0.37 $28.5 $24.5 $56.2 $4.7 0.4x 0.4x 5.0x 2.3x NM NA -3% 11% -52% 116% 8.3%
Average 1.2x 1.1x 6.0x 4.0x 11.6x 10.2x -3% 8% -13% 58% 19.9% Median 1.0x 1.1x 5.5x 3.2x 10.0x 8.1x -7% -4% -6% 38% 23.0%
North America / Europe – PC / Console Focused Take -Two Interactive TTWO US 31-Mar -25 $242.85 $44,414.2 $47,054.6 $5,633.6 $448.9 8.4x 7.8x 87.5x 51.4x NM 90.0x 5% 7% -14% 104% 8.0%
Electronic Arts EA US 31-Mar -25 $159.70 $40,128.1 $40,098.1 $7,463.0 $1,938.0 5.4x 5.2x 19.2x 14.4x 37.6x 19.4x -1% 4% -2% 44% 26.0% CD Projekt CDR PL 31-Mar -25 $77.74 $7,767.1 $7,447.1 $254.1 $102.7 27.3x 30.1x 67.3x 60.5x 62.0x 79.3x -23% -9% -20% 12% 40.4% Asmodee ASMDEE B FR 31-Mar -25 $13.14 $3,071.9 $3,527.2 $1,479.4 $200.7 2.3x 2.0x 16.5x 12.2x NM 17.9x 6% 9% 34% 33% 13.6% Embracer Group EMBRAC B SE 31-Mar -25 $11.35 $2,555.8 $2,063.4 $2,235.0 $675.1 0.9x 1.0x 2.9x 3.6x 8.8x 13.1x NM -8% NM 20% 30.2% Paradox Interactive PDX SE 31-Mar -25 $19.98 $2,110.3 $1,958.1 $217.4 $99.5 8.5x 7.2x 18.0x 11.1x 34.5x 32.6x -17% 19% 7% 69% 45.8% Ubisoft UBI FR 31-Mar -25 $11.02 $1,449.3 $2,834.2 $2,052.7 $728.4 1.3x 1.3x 3.9x 3.6x NM NM -17% -3% -41% 9% 35.5% everplay group EVPL GB 31-Dec -24 $4.33 $623.8 $541.6 $208.6 $51.1 2.4x 2.3x 9.5x 8.8x 22.6x 13.1x 5% 2% 12% 10% 24.5% PlayW ay PLW PL 31-Mar -25 $88.87 $586.5 $527.8 $77.9 $46.9 6.3x 5.7x 10.3x 11.0x 12.9x NA 8% 11% 9% 4% 60.2% Digital Bros DIB IT 31-Mar -25 $17.83 $254.3 $285.1 $117.4 $46.0 2.2x 2.2x 5.7x 6.8x NM NA 4% 0% 28% 16% 39.2% Remedy Entertainment REMEDY FI 31-Mar -25 $17.40 $237.4 $223.0 $57.6 $4.3 3.6x 2.7x 35.2x 10.4x NM 31.9x 45% 31% NM NM 7.5% Pullup Entertainment ALPUL FR 31-Mar -25 $22.55 $185.6 $288.6 $421.5 $147.0 0.6x 1.0x 1.8x 2.5x 7.7x 6.9x 108% -35% 126% 27% 34.9% Frontier Developments FDEV GB 30-Nov -24 $4.27 $165.1 $155.7 $112.9 $12.8 1.3x 1.3x 9.5x 2.9x 7.6x 24.8x -7% 2% NM NM 11.3% Bloober Team BLO PL 31-Mar -25 $7.90 $152.4 $151.8 $19.5 $8.6 7.2x NA 17.7x NA 54.9x NA -29% NM 1% NM 43.8% Devolver Digital DEVO US 31-Dec -24 $0.32 $149.5 $104.3 $104.8 $5.7 0.9x 0.9x 16.0x 11.6x NM 20.7x 13% 7% NM 57% 5.5% EG7 EG7 SE 31-Mar -25 $1.49 $131.9 $113.3 $194.5 $38.6 0.6x 0.5x 2.5x 2.5x NM 21.2x 2% 2% 10% 9% 19.8% CI Games CIG PL 31-Mar -25 $0.62 $118.9 $123.5 $19.4 $10.4 5.9x 4.1x 11.9x 29.9x NM NA -70% 45% -57% -60% 8.4% Nacon NACON FR 31-Mar -25 $0.84 $91.3 $222.2 $181.5 -$37.4 1.1x 1.0x NM 2.8x 0.0x 13.7x 0% 12% NM NM -20.6% People Can Fly PCF PL 31-Mar -25 $1.45 $52.2 $59.5 $50.7 -$47.0 1.1x NA NM NA NM NA 14% NM NM NM -92.7% Snail Games SNAL US 31-Mar -25 $1.37 $51.0 $45.8 $90.5 $2.5 0.5x 0.4x 10.9x 10.3x 36.4x 21.1x 47% 20% NM 75% 2.8% Starbreeze AB STAR B SE 31-Mar -25 $0.02 $33.2 $25.2 $19.6 -$33.9 1.2x 0.8x NM 1.6x NM NM -70% 52% NM 145% -172.7% tinyBuild TBLD US 31-Dec -24 $0.08 $30.3 $26.9 $34.7 -$17.8 0.7x 0.7x NM NM NM NM -22% 4% NM 93% -51.3% Skonec Entertainment A276040 KR 31-Mar -25 $2.17 $28.8 $18.2 $3.3 -$4.9 5.1x NA NM NA NM NA -12% NM NM NM -150.9%
Average 4.1x 3.9x 19.2x 13.6x 25.9x 29.0x 0% 9% 7% 39% -1.3% Median 2.2x 1.7x 11.4x 10.3x 22.6x 20.9x 1% 5% 7% 27% 13.6%
Source: CapIQ, As of June 30, 2025, in $M except share price. EV/EBITDA and P/E multiples less than 0 and greater than 100 ar e denoted as NM. Growth rates showing a greater than 200% change or less than -200% change are denoted as NM.

16
COMPANY NAME TICKER COUNTRY LTM PRICE MCAP EV REVENUE EBITDA EV/REVENUE EV/EBITDA PRICE/EARNINGS REVENUE GROWTH EBITDA GROWTH EBITDA / REV Japan/Korea LTM LTM LTM NTM LTM NTM LTM NTM LTM NTM LTM NTM LTM Sony 6758 JP 31-Mar -25 $25.35 $155,465.2 $175,016.9 $86,525.8 $12,108.0 1.9x 2.0x 13.2x 11.5x 19.8x 20.9x 0% -5% 17% 21% 14.0% Nintendo 7974 JP 31-Mar -25 $94.33 $112,005.9 $97,748.0 $7,779.2 $1,989.4 12.1x 6.7x 42.3x 35.7x 58.0x 46.3x -30% 80% -46% 33% 25.6% BANDAI NAMCO 7832 JP 31-Mar -25 $35.65 $23,196.9 $20,507.0 $8,290.7 $1,489.6 2.4x 2.3x 13.1x 14.4x 26.1x 28.0x 18% 2% 69% 8% 18.0% Konami Holdings 9766 JP 31-Mar -25 $159.56 $21,436.2 $19,920.5 $2,815.4 $909.2 6.8x 6.1x 21.1x 18.3x 41.4x 34.1x 17% 11% 22% 15% 32.3% NEXON 3659 JP 31-Mar -25 $19.92 $16,095.8 $12,373.1 $3,016.6 $1,030.7 4.0x 4.1x 12.0x 13.7x 19.3x 25.4x 11% -3% 36% 16% 34.2% Capcom 9697 JP 31-Mar -25 $34.60 $14,301.2 $13,227.8 $1,132.6 $470.5 11.3x 10.0x 27.1x 23.5x 42.6x 36.5x 11% 13% 15% 15% 41.5% KRAFTON A259960 KR 31-Mar -25 $267.85 $12,388.3 $9,370.6 $1,981.5 $977.2 4.3x 3.8x 9.2x 8.1x 12.5x 13.9x 43% 15% 59% 9% 49.3% Square Enix 9684 JP 31-Mar -25 $75.10 $8,986.1 $7,271.0 $2,167.0 $327.6 3.2x 3.4x 21.4x 20.3x 53.1x 41.1x -9% -4% 22% 6% 15.1% Koei Tecmo 3635 JP 31-Mar -25 $16.23 $5,157.8 $4,849.4 $555.3 $227.3 8.4x 7.7x 20.6x 18.7x 20.7x 23.3x -2% 9% 12% 10% 40.9% Sega Sammy 6460 JP 31-Mar -25 $24.99 $5,028.7 $4,708.5 $2,864.5 $428.9 1.6x 1.4x 10.0x 9.2x 16.5x 16.8x -8% 10% -12% 15% 15.0% NetMarble A251270 KR 31-Mar -25 $46.03 $3,753.5 $4,449.7 $1,834.9 $271.1 2.2x 2.0x 9.3x 15.0x 52.2x 26.2x 9% 9% NM 0% 14.8% NCSoft A036570 KR 31-Mar -25 $152.58 $2,959.1 $2,124.2 $1,046.1 -$21.0 1.9x 1.7x NM 14.4x 54.4x 28.0x -9% 11% NM NM -2.0% SHIFT UP A462870 KR 31-Mar -25 $35.95 $2,134.6 $1,615.7 $155.5 $106.9 9.6x 7.2x 13.9x 10.7x 18.7x 15.9x 42% 33% 43% 30% 68.8% DeNA 2432 JP 31-Mar -25 $17.91 $2,063.6 $1,833.1 $1,095.2 $257.7 1.6x 1.5x 6.5x 15.6x 12.3x 8.3x 20% 6% NM 56% 23.5% Pearl Abyss A263750 KR 31-Mar -25 $31.74 $1,919.7 $1,722.0 $231.3 $4.6 6.8x 3.8x NM 18.0x 54.1x 35.4x 2% 79% -27% NM 2.0% Kakao Games A293490 KR 31-Mar -25 $14.14 $1,158.6 $1,513.7 $388.2 $35.6 3.6x 3.3x NM 43.1x NM NM -13% 10% -69% 9% 9.2% GungHo Online 3765 JP 31-Mar -25 $19.12 $1,036.7 $546.1 $678.7 $100.4 0.8x 0.8x 5.2x 5.6x 19.2x 17.0x -16% -1% -43% 7% 14.8% W eMade Entertainment A112040 KR 31-Mar -25 $25.38 $852.3 $980.0 $470.2 $39.7 1.9x 2.0x 8.1x 16.1x 6.6x 33.0x 3% -2% NM 41% 8.4% DOUBLEUGAMES A192080 KR 31-Mar -25 $42.93 $841.4 $552.4 $431.2 $172.5 1.2x 1.1x 2.9x 2.9x 6.5x 9.1x 6% 11% 6% 2% 40.0% NHN Entertainment A181710 KR 31-Mar -25 $21.80 $677.6 $536.6 $1,664.9 $39.9 0.3x 0.3x 14.4x 3.2x NM 12.0x 5% 6% -59% NM 2.4% Gree 3632 JP 31-Mar -25 $3.58 $618.7 $325.7 $382.3 $0.0 0.8x 0.7x 0.0x NA 38.7x 18.1x -15% 16% -43% NM 0.0% DoubleDown Interactive DDI KR 31-Mar -25 $9.57 $474.2 $57.3 $336.7 $140.4 0.2x 0.2x 0.4x 0.4x 4.0x 4.5x 5% 1% 12% 8% 41.7% Com2uS A078340 KR 31-Mar -25 $30.74 $349.8 $474.2 $478.2 $18.3 0.9x 0.8x NM 10.7x NM 14.0x -1% 10% NM 122% 3.8% GAMEVIL A063080 KR 31-Mar -25 $22.13 $140.8 $232.9 $86.8 -$10.5 2.5x NA NM NA NM NA -21% NM NM NM -12.1% Me2on A201490 KR 31-Mar -25 $3.79 $113.2 $133.9 $62.4 $11.9 2.0x NA 10.3x NA NM NA -15% NM -37% NM 19.1% JOYCITY A067000 KR 31-Mar -25 $1.42 $99.1 $155.9 $93.0 $9.5 1.5x 1.4x 14.5x NA NM NA -10% 13% -53% NM 10.2% T3 Entertainment A204610 KR 31-Mar -25 $1.56 $83.2 $35.5 $42.6 $9.0 0.8x NA 2.9x NA 10.2x NA 27% NM 46% NM 21.1%
Average 3.5x 3.1x 12.7x 15.0x 28.0x 23.1x 3% 14% -1% 22% 20.4% Median 2.0x 2.0x 11.2x 14.4x 19.8x 22.1x 2% 10% 12% 15% 15.1% China (Shenzhen listed)
Zhejiang Century Huatong 002602 CN 31-Mar -25 $1.56 $11,374.4 $11,043.5 $3,652.3 $699.1 3.0x 2.7x 15.2x 13.1x 41.2x 20.0x 82% 12% 111% 19% 19.1% Quihoo 360 601360 CN 31-Mar -25 $1.42 $9,966.1 $6,789.6 $1,115.1 -$86.7 6.0x 5.6x NM NM NM NM -8% NM NM NM -7.8% Giant Network 002558 CN 31-Mar -25 $3.28 $6,214.4 $5,970.2 $406.6 $103.3 14.5x 11.3x 55.0x 21.6x 30.2x 24.9x -5% 29% -27% 164% 25.4% Beijing Kunlun 300418 CN 31-Mar -25 $4.63 $5,893.2 $6,063.5 $857.0 -$129.8 7.0x 6.7x NM NM NM NM 27% 4% NM 51% -15.2% Kingnet Network 002517 CN 31-Mar -25 $2.82 $5,732.2 $5,238.5 $711.6 $236.5 7.3x 6.0x 21.5x 15.4x 23.8x 18.5x 11% 22% 5% 42% 33.2% 37Games 002555 CN 31-Mar -25 $2.48 $5,295.4 $4,454.9 $2,333.6 $381.9 1.9x 1.6x 11.5x 9.4x 14.7x 11.6x -3% 16% 0% 22% 16.4% Perfect W orld 002624 CN 31-Mar -25 $2.13 $4,198.9 $3,802.4 $863.3 -$55.4 4.3x 3.7x NM 21.0x NM 34.8x -13% 17% NM NM -6.4% Ourpalm 300315 CN 31-Mar -25 $0.82 $2,294.2 $1,949.1 $99.9 $2.6 19.3x 20.6x NM 97.3x NM NM -27% -6% -50% NM 2.6% Youzu Interactive 002174 CN 31-Mar -25 $1.70 $1,527.7 $1,460.5 $201.0 $17.2 7.2x 7.4x 76.8x 20.5x NM 30.2x -2% -3% -58% NM 8.5% Dalian Zeus 002354 CN 31-Mar -25 $0.88 $1,466.6 $1,438.5 $233.4 -$1.9 6.1x 5.9x NM NM NM NM 2% 3% NM NM -0.8% ZQ Games 300052 CN 31-Mar -25 $1.37 $359.7 $385.6 $27.8 $0.5 13.7x 8.9x NM NM NM NM -26% 55% NM 33% 1.9%
Average 8.2x 7.3x 36.0x 28.3x 27.5x 23.3x 3% 15% -3% 55% 7.0% Median 7.0x 6.0x 21.5x 20.5x 27.0x 22.5x -3% 14% -13% 37% 2.6%
Source: CapIQ, As of June 30, 2025, in $M except share price. EV/EBITDA and P/E multiples less than 0 and greater than 100 ar e denoted as NM. Growth rates showing a greater than 200% change or less than -200% change are denoted as NM.

17
COMPANY NAME TICKER COUNTRY LTM PRICE MCAP EV REVENUE EBITDA EV/REVENUE EV/EBITDA PRICE/EARNINGS REVENUE GROWTH EBITDA GROWTH EBITDA / REV China, South East Asia (US and HKG listed) & India LTM LTM LTM NTM LTM NTM LTM NTM LTM NTM LTM NTM LTM Tencent Holdings 700 CN 31-Mar -25 $64.08 $581,380.0 $596,293.3 $93,816.3 $32,984.2 6.4x 5.7x 16.0x 13.2x 22.1x 16.6x 10% 10% 21% 36% 35.2% Sea Limited SE SG 31-Mar -25 $159.94 $94,687.7 $90,520.5 $17,926.6 $1,423.7 5.0x 4.1x 51.0x 25.7x NM 35.2x 30% 25% 140% 148% 7.9% NetEase NTES CN 31-Mar -25 $134.58 $85,152.1 $67,907.7 $14,782.9 $4,786.5 4.6x 4.2x 14.2x 12.1x 0.0x NA 2% 8% 13% 16% 32.4% International Games System 3293 TW 31-Mar -25 $29.37 $8,267.9 $7,699.2 $591.9 $341.1 11.4x 9.5x 19.8x 21.6x 25.4x 21.2x 31% 20% 40% 8% 57.6% Kingsoft 3888 HK 31-Mar -25 $5.21 $7,252.0 $4,956.7 $1,449.6 $472.2 3.5x 3.0x 14.1x 9.0x 34.2x 23.4x 21% 14% 59% 16% 32.6% G-bits Network 603444 CN 31-Mar -25 $44.64 $3,024.5 $2,585.2 $538.0 $187.7 4.7x 5.3x 13.5x 12.0x 22.3x 23.3x -2% -10% -8% 14% 34.9% XD 2400 CN 31-Dec -24 $6.15 $2,961.4 $2,615.6 $686.7 $131.0 3.8x 3.5x 19.2x 15.6x 26.9x 22.1x 48% 7% NM 26% 19.1% JOYY JOYY CN 31-Mar -25 $50.91 $2,641.1 $582.2 $2,167.6 $140.0 0.3x 0.3x 3.4x 2.6x 1.6x 11.7x -4% -1% -6% 62% 6.5% Nazara 543280 IN 31-Mar -25 $15.13 $1,402.5 $1,395.5 $190.0 $18.0 7.4x 5.4x 82.1x 46.8x 0.0x NA 43% 37% 56% 67% 9.4% HUYA HUYA CN 31-Mar -25 $3.52 $801.5 $81.7 $838.4 -$15.8 0.1x 0.1x NM NA NM 27.6x -7% 5% NM NM -1.9% NetDragon 777 CN 31-Dec -24 $1.37 $726.9 $684.0 $828.5 $131.1 0.8x 0.9x 4.7x 5.2x 17.2x 15.1x -15% -11% -14% 1% 15.8% Gamania Digital Entertainment 6180 IN 31-Mar -25 $2.57 $448.9 $419.4 $319.4 $17.6 1.2x 1.4x 17.8x 5.4x 7.2x NM 5% -20% -53% NM 5.5% Zengames Technology 2660 IN 31-Dec -24 $0.32 $321.2 $27.2 $227.1 $74.7 0.1x NA 0.4x NA 5.6x NA -20% NM -34% NM 32.9% FriendTimes 6820 IN 31-Dec -24 $0.13 $270.4 $184.1 $159.3 -$6.1 1.2x 1.0x NM 7.8x NM 13.5x 10% 15% NM NM -3.8% CMGE Technology Group 302 IN 31-Dec -24 $0.06 $186.9 $228.4 $264.4 -$43.7 0.9x NA NM NA NM NA -26% NM NM NM -16.5% Archosaur Games 9990 CN 31-Dec -24 $0.23 $180.5 -$32.0 $156.3 -$47.7 NM NA NM NA NM 23.1x 26% NM NM NM -30.5% iDreamSky 1119 CN 31-Dec -24 $0.10 $175.5 $339.7 $207.4 -$27.3 1.7x NA NM NA NM NA -21% NM NM NM -13.2% W inking Studios W KS SG 31-Dec -24 $0.18 $77.8 $38.4 $31.9 -$1.1 1.1x 0.9x NM 11.7x NM 35.3x 9% 37% NM NM -3.5% Ourgame 6899 KY 30-Jun-23 $0.02 $26.2 -$0.6 $42.4 -$6.7 NM NA NM NA NM NA 95% NM NM NM -15.8%
Average 3.2x 3.2x 21.3x 14.5x 14.8x 22.3x 12% 10% 19% 39% 10.8% Median 1.7x 3.2x 15.1x 12.0x 17.2x 22.6x 9% 9% 13% 21% 7.9% Hardware, Platforms, Advertising & ToolsNVIDIA NVDA US 27-Apr-25 $157.99 $3,854,956.0 $3,811,550.0 $148,515.0 $88,247.0 25.7x 17.9x 43.0x 26.8x 51.0x 32.6x 86% 43% 79% 61% 59.4% Applovin APP US 31-Mar -25 $350.08 $118,462.5 $121,621.4 $5,135.2 $2,802.1 23.7x 20.4x 43.1x 26.1x 63.3x 34.9x 42% 16% 102% 66% 54.6% Dell DELL US 2-May -25 $122.60 $83,226.9 $105,151.9 $96,701.0 $9,904.0 1.1x 1.0x 10.3x 8.6x 19.2x 12.3x 8% 10% 12% 24% 10.2% Roblox RBLX US 31-Mar -25 $105.20 $71,355.5 $70,402.1 $3,835.9 -$771.4 18.4x 12.4x NM 57.7x NM NM 30% 48% NM NM -20.1% Hewlett Packard HPE US 30-Apr-25 $20.45 $26,834.8 $33,455.8 $31,649.0 $4,797.0 1.1x 1.0x 6.5x 6.1x 19.6x 10.4x 12% NM 0% 14% 15.2% ASUS 2357 TW 31-Mar -25 $22.12 $16,356.8 $14,269.5 $18,425.3 $1,181.2 0.7x 0.6x 9.7x 11.4x 12.4x 13.5x 24% 15% 88% 7% 6.4% Logitech LOGN CH 31-Mar -25 $89.83 $13,287.7 $11,719.6 $4,554.9 $747.8 2.3x 2.5x 13.7x 17.5x 19.6x 25.3x 6% 2% 10% 10% 16.4% Unity U US 31-Mar -25 $24.20 $10,059.8 $11,098.0 $1,787.9 $10.7 6.2x 6.2x NM 29.2x NM 33.5x -17% 0% NM NM 0.6% MSI 2377 TW 31-Mar -25 $4.91 $4,145.7 $3,274.3 $6,124.5 $206.3 0.5x 0.4x 13.2x 7.4x 22.6x 10.6x 9% 19% -26% 89% 3.4% Acer 2353 TW 31-Mar -25 $1.02 $3,114.8 $2,665.0 $8,029.9 $181.7 0.3x 0.3x 10.8x 10.4x 18.8x 14.7x 8% 9% 8% 24% 2.3% Corsair Gaming CRSR US 31-Mar -25 $9.43 $997.9 $1,128.7 $1,348.9 $10.5 0.8x 0.8x 34.0x 12.1x NM 17.8x -7% 11% -79% NM 0.8% Atari ALATA FR 30-Sep -24 $0.20 $89.8 $143.4 $31.1 -$3.1 4.4x NA NM NA NM NA 129% NM NM NM -10.0% Flexion Mobile FLEXM GB 31-Mar -25 $0.55 $31.2 $12.0 $97.2 $0.4 0.1x 0.1x 29.9x 2.0x NM NA 3% 6% -92% NM 0% GLOE 9565 JP 30-Apr-25 $6.78 $18.5 $18.9 $15.5 -$0.2 1.2x NA NM NA NM NA 0% NM 0% NM -1.6% Enthusiast Gaming EGLX CA 31-Mar -25 $0.04 $6.4 $33.2 $42.7 -$5.5 0.7x 0.7x NM 10.0x NM NM -61% 8% NM 157% -13.0%
Average 5.8x 4.9x 21.4x 17.3x 28.3x 20.6x 18% 16% 9% 50% 8.3% Median 1.1x 1.0x 13.5x 11.4x 19.6x 16.2x 8% 11% 8% 24% 2.3%
Source: CapIQ, As of June 30, 2025, in $M except share price. EV/EBITDA and P/E multiples less than 0 and greater than 100 ar e denoted as NM. Growth rates showing a greater than 200% change or less than -200% change are denoted as NM.

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